Coinbase plans to launch identity tools for accessing the metaverse

Leading crypto exchange Coinbase is gearing up to roll out tools that offer seamless access to the metaverse. The company unveiled this news through a blog post on December 16, noting that its tools would help put all the pieces of identity together by creating an identity on-ramp into the metaverse.  In so doing, the crypto exchange believes it will offer people easy access to the digital world.

In the blog post, Coinbase described the metaverse as,

The future of the internet: A massively-scaled, persistent, interactive, and interoperable real-time platform comprised of interconnected virtual worlds where people can socialize, work, transact, play, and create.

Looking to establish a solid presence in this new world full of opportunities, Coinbase said it seeks to create an identity solution that offers easy log-ins, unique IDs, avatars, metadata, and attestations that help prove user identities.

Sharing the strategy it seeks to use, Coinbase said it would work with Ethereum Name Service (ENS), a naming service for wallet addresses, hashes, and other machine-readable identifiers. Through ENS, the exchange believes it can help people create unique username NFTs that resolve to a wallet. This NFT would work as a unique ID across different worlds in the metaverse.

Striving to streamline the metaverse experience

Coinbase added that it is working on technology that would let people buy avatars, define and maintain their public profiles, and build trust. Additionally, the exchange is looking to introduce features like sign in with Eth/Coinbase, which would let users sign into every application in the metaverse effortlessly.

The exchange asserted that these offerings do not merely seek to expand its business or increase its revenue. Instead, Coinbase claims these efforts aim to build a critical part of the metaverse ecosystem that helps crypto grow in the right way.

Positive that its efforts are not for nothing, Coinbase said,

We know that the metaverse will exist, and we know it will be a series of interconnected virtual worlds. Our goal is to make it easy for anyone to establish their identity and gain access to those worlds in a way that’s simple, trusted, and decentralized.

Coinbase added that if its plans go through, it would play a pivotal role in helping the metaverse reach its full potential. Additionally, the exchange believes it would help keep the metaverse free and open to everyone.